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Sinai Cement’s standalone loss swells 30% in 9M

Sinai Cement’s standalone loss swells 30% in 9M
The cement producer incurred net losses of EGP 331.22 million
Sinai Cement
SCEM
3.93% 6.87 0.26

Cairo – Mubasher: The standalone financial statement of Sinai Cement showed a 30% year-on-year increase in its net losses during the first nine months of 2019.

The cement producer incurred net losses of EGP 331.22 million in the January-September period, compared to EGP 293.14 million in the prior-year period, according to a statement to the Egyptian Exchange (EGX) on Thursday.

The cost of sales increased to EGP 699.931 million in the nine-month period ended 30 September from EGP 675.11 million in the corresponding period a year earlier.

It is noteworthy that during the first half of 2019, the company’s consolidated loss widened to EGP 187.23 million from EGP 155.74 million in H1-18.